Indian Stock Markets opened marginally higher, but later found support on back on strong global cues. The benchmark indices closed on a strong note for the second day led by telecom, capital goods, auto and bank stocks. The Sensex closed 194 points or 1.74% higher at 11,329 and the Nifty rose 1.67% or 57 points to settle at 3,480. The broader indices – CNX Midcap was up 1.68% and BSE Smallcap Index closed 68 points or 1.71%.
This is the seventh week consecutive gain for the benchmark indices. On a weekly basis Sensex was up 2.78% and Nifty up 2.85%. Among the broader indices -CNX Midcap Index up 2.3%, BSE Small Cap Index up 2.8% and Nifty Junior up 5%.
Movers & Shakers
The BSE Bankex shut at 5,591 up 2.77% or 150 points, as PNB, Axis Bank, SBI, ICICI Bank and HDFC Bank were up 2-5%.
Telecom stocks showed stunning performance. Stocks like Bharti and Idea Cellular were up 5.5% and 4.7%, respectively. Reliance Communication gained 3.57%.
Capital Goods Index closed 2% or 159 points higher at 7,946. Punj Lloyd, Praj Industries, L&T, BHEL and Siemens gained 0.7-5.6%.
Auto stocks witnessed smart buying. M&M, Tata Motors, Hero Honda and Bharat Forge rose 2-7%.
Buying was there in the real estate counters like HDIL, Peninsula, DLF and Ibulls Real were up 1-6%.
The Oil & Gas index closed 1% or 91 points higher at 8,090. Stocks like Cairn India, Reliance Industries, Reliance Petroleum were up 1-3%.
Among the Sensex stocks M&M was the biggest gainer in the pack. The stock jumped 7 per cent to Rs 474. JP Associates, Grasim and Bharti Airtel were up over 5.4 percent each.
Ranbaxy, HUL and Tata Steel, however, are among the major losers in the group down 0.8-2%.